IC 6-3.1-33-1 Application of chapter
Sec. 1. This chapter applies to taxable years beginning after
December 31, 2009. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-2 "Department"
Sec. 2. As used in this chapter, "department" refers to:
(1) the department of state revenue; or
(2) the department of insurance;
whichever agency is obligated to administer the tax against which a
credit is applied. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-3 "IEDC"
Sec. 3. As used in the chapter, "IEDC" refers to the Indiana
economic development corporation. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-4 "New Indiana business"
Sec. 4. As used in this chapter, "new Indiana business" means a
corporation or pass through entity that after December 31, 2009:
(1) either:
(A) locates or relocates the operations of a business
enterprise in Indiana;
(B) incorporates or otherwise first organizes in Indiana; or
(C) expands the entity's operation of a business enterprise in
Indiana;
(2) employs at least ten (10) qualified employees;
(3) makes an application to the IEDC under this chapter; and
(4) is issued a certificate of approval by the IEDC under this
chapter. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-5 "Qualified employee"
Sec. 5. As used in this chapter, "qualified employee" means an
individual who is:
(1) a full-time employee (as defined in IC 6-3.1-13-4) first hired
by a new Indiana business during the period specified in section
10(b) of this chapter;
(2) a resident of Indiana; and
(3) not more than a five percent (5%) shareholder, partner,
member, or owner of the applicant;
as determined by the IEDC. The term does not include rehired
individuals, individuals employed to fill positions vacated as the
result of a layoff that occurred during the previous two (2) years, or
individuals employed in the same business operation before and after
a change of business ownership. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-6 "State tax liability"
Sec. 6. As used in this chapter, "state tax liability" means a
taxpayer's total tax liability that is incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(2) IC 27-1-18-2 (the insurance premiums tax); and
(3) IC 6-5.5 (the financial institutions tax);
as computed before the application of any other credit against state
tax liability to which the taxpayer is entitled, including any credit
described in IC 6-3.1-1-2. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-7 "Tax credit"
Sec. 7. As used in this chapter, "tax credit" refers to a tax credit
granted by this chapter before the application of any other tax credits
to which a new Indiana business might be eligible. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-8 "Taxpayer"
Sec. 8. As used in this chapter, "taxpayer" means a person,
corporation, partnership, or other entity that has any state tax
liability. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-9 Application for credit; qualifications; certificate of approval
Sec. 9. (a) Before January 1, 2013, a corporation or pass through
entity that desires to qualify for the credit provided by this chapter
may submit an application to the IEDC in the form and manner
specified by the IEDC.
(b) The IEDC shall promptly review all applications submitted to
the IEDC under this chapter.
(c) If the IEDC determines that an applicant for the tax credit
provided by this chapter has furnished reliable evidence, as
determined by the IEDC, that the applicant is reasonably capable of:
(1) employing at least ten (10) qualified employees in each
month of the period specified in section 10(b) of this chapter
during the taxable year; and
(2) meeting the requirements for the tax credit provided by this
chapter;
the IEDC may issue the applicant a certificate of approval. If a
certificate of approval is issued, the IEDC shall provide a copy of the
certificate to the department.
(d) In making a determination of whether an applicant is qualified
for a credit under this chapter, the IEDC may consider the following:
(1) The applicant's employment levels in previous years to
determine if the applicant is hiring new individuals or rehiring
individuals.
(2) Whether the applicant is the successor to part or all of the
assets or business operations of another corporation or pass
through entity that conducted business operations in Indiana in
the same line of business to determine if the applicant is a new
Indiana business under this chapter.
(e) If the IEDC determines that the applicant will not employ at
least ten (10) qualified employees in each month of the period
specified in section 10(b) of this chapter during the taxable year, is
not a new Indiana business, or does not meet, or is unlikely to meet,
any other requirements for the tax credit provided by this chapter, the
IEDC shall notify the applicant of the IEDC's determination.
(f) The IEDC may not issue a certificate of approval under this
chapter after December 31, 2012. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-10 Credit entitlement; credit period
Sec. 10. (a) Each taxable year, a new Indiana business is entitled
to a tax credit against the new Indiana business's state tax liability for
the taxable year in the amount specified by section 11 of this chapter.
(b) The tax credit provided by subsection (a) is based on a period
not exceeding twenty-four (24) consecutive calendar months during
which the new Indiana business meets the conditions of this chapter.
The period begins on the first day of the month following the month
in which the new Indiana business is approved by the IEDC under
this chapter. The period ends on the final day of:
(1) the twenty-fourth consecutive calendar month that the new
Indiana business complies with the conditions of this chapter;
or
(2) the month in which the new Indiana business ceases to
comply with the conditions of this chapter;
whichever month occurs first. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-11 Credit amount
Sec. 11. For each taxable year, the amount of the tax credit under
this chapter is equal to ten percent (10%) of the wages paid by the
new Indiana business to qualified employees during the calendar
months of the period specified in section 10(b) of this chapter that
are included in the taxable year. As added by P.L.110-2010, SEC.16. IC 6-3.1-33-12 Use of pass through entity credit
Sec. 12. If a pass through entity does not have state tax liability
against which a tax credit may be applied, a shareholder, partner,
fiduciary, or member of the pass through entity is entitled to a tax
credit equal to:
(1) the tax credit to which the pass through entity would be
entitled under this chapter for the taxable year if the pass
through entity were a taxpayer; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, fiduciary, or member
is entitled. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-13 Carryover; no carryback or refund of unused credit
Sec. 13. (a) If the credit provided by this chapter exceeds the
taxpayer's state tax liability for the taxable year for which the credit
is first claimed, the excess may be carried forward to succeeding
taxable years and used as a credit against the taxpayer's state tax
liability during those taxable years. Each time that the credit is
carried forward to a succeeding taxable year, the credit is to be
reduced by the amount that was used as a credit during the
immediately preceding taxable year. The credit provided by this
chapter may be carried forward and applied to succeeding taxable
years for not more than nine (9) taxable years following the first year
the credit is claimed.
(b) A taxpayer is not entitled to any carryback or refund of any
unused credit. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-14 Claiming credit
Sec. 14. To qualify for a tax credit under this chapter, a taxpayer
must claim the tax credit on the taxpayer's annual state tax return or
returns in the manner prescribed by the department. The taxpayer
shall maintain the records required by the department for the period
specified by the department to substantiate the taxpayer's eligibility
for the credit. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-1 Application of chapter
Sec. 1. This chapter applies to taxable years beginning after
December 31, 2009. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-2 "Department"
Sec. 2. As used in this chapter, "department" refers to:
(1) the department of state revenue; or
(2) the department of insurance;
whichever agency is obligated to administer the tax against which a
credit is applied. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-3 "IEDC"
Sec. 3. As used in the chapter, "IEDC" refers to the Indiana
economic development corporation. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-4 "New Indiana business"
Sec. 4. As used in this chapter, "new Indiana business" means a
corporation or pass through entity that after December 31, 2009:
(1) either:
(A) locates or relocates the operations of a business
enterprise in Indiana;
(B) incorporates or otherwise first organizes in Indiana; or
(C) expands the entity's operation of a business enterprise in
Indiana;
(2) employs at least ten (10) qualified employees;
(3) makes an application to the IEDC under this chapter; and
(4) is issued a certificate of approval by the IEDC under this
chapter. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-5 "Qualified employee"
Sec. 5. As used in this chapter, "qualified employee" means an
individual who is:
(1) a full-time employee (as defined in IC 6-3.1-13-4) first hired
by a new Indiana business during the period specified in section
10(b) of this chapter;
(2) a resident of Indiana; and
(3) not more than a five percent (5%) shareholder, partner,
member, or owner of the applicant;
as determined by the IEDC. The term does not include rehired
individuals, individuals employed to fill positions vacated as the
result of a layoff that occurred during the previous two (2) years, or
individuals employed in the same business operation before and after
a change of business ownership. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-6 "State tax liability"
Sec. 6. As used in this chapter, "state tax liability" means a
taxpayer's total tax liability that is incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(2) IC 27-1-18-2 (the insurance premiums tax); and
(3) IC 6-5.5 (the financial institutions tax);
as computed before the application of any other credit against state
tax liability to which the taxpayer is entitled, including any credit
described in IC 6-3.1-1-2. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-7 "Tax credit"
Sec. 7. As used in this chapter, "tax credit" refers to a tax credit
granted by this chapter before the application of any other tax credits
to which a new Indiana business might be eligible. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-8 "Taxpayer"
Sec. 8. As used in this chapter, "taxpayer" means a person,
corporation, partnership, or other entity that has any state tax
liability. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-9 Application for credit; qualifications; certificate of approval
Sec. 9. (a) Before January 1, 2013, a corporation or pass through
entity that desires to qualify for the credit provided by this chapter
may submit an application to the IEDC in the form and manner
specified by the IEDC.
(b) The IEDC shall promptly review all applications submitted to
the IEDC under this chapter.
(c) If the IEDC determines that an applicant for the tax credit
provided by this chapter has furnished reliable evidence, as
determined by the IEDC, that the applicant is reasonably capable of:
(1) employing at least ten (10) qualified employees in each
month of the period specified in section 10(b) of this chapter
during the taxable year; and
(2) meeting the requirements for the tax credit provided by this
chapter;
the IEDC may issue the applicant a certificate of approval. If a
certificate of approval is issued, the IEDC shall provide a copy of the
certificate to the department.
(d) In making a determination of whether an applicant is qualified
for a credit under this chapter, the IEDC may consider the following:
(1) The applicant's employment levels in previous years to
determine if the applicant is hiring new individuals or rehiring
individuals.
(2) Whether the applicant is the successor to part or all of the
assets or business operations of another corporation or pass
through entity that conducted business operations in Indiana in
the same line of business to determine if the applicant is a new
Indiana business under this chapter.
(e) If the IEDC determines that the applicant will not employ at
least ten (10) qualified employees in each month of the period
specified in section 10(b) of this chapter during the taxable year, is
not a new Indiana business, or does not meet, or is unlikely to meet,
any other requirements for the tax credit provided by this chapter, the
IEDC shall notify the applicant of the IEDC's determination.
(f) The IEDC may not issue a certificate of approval under this
chapter after December 31, 2012. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-10 Credit entitlement; credit period
Sec. 10. (a) Each taxable year, a new Indiana business is entitled
to a tax credit against the new Indiana business's state tax liability for
the taxable year in the amount specified by section 11 of this chapter.
(b) The tax credit provided by subsection (a) is based on a period
not exceeding twenty-four (24) consecutive calendar months during
which the new Indiana business meets the conditions of this chapter.
The period begins on the first day of the month following the month
in which the new Indiana business is approved by the IEDC under
this chapter. The period ends on the final day of:
(1) the twenty-fourth consecutive calendar month that the new
Indiana business complies with the conditions of this chapter;
or
(2) the month in which the new Indiana business ceases to
comply with the conditions of this chapter;
whichever month occurs first. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-11 Credit amount
Sec. 11. For each taxable year, the amount of the tax credit under
this chapter is equal to ten percent (10%) of the wages paid by the
new Indiana business to qualified employees during the calendar
months of the period specified in section 10(b) of this chapter that
are included in the taxable year. As added by P.L.110-2010, SEC.16. IC 6-3.1-33-12 Use of pass through entity credit
Sec. 12. If a pass through entity does not have state tax liability
against which a tax credit may be applied, a shareholder, partner,
fiduciary, or member of the pass through entity is entitled to a tax
credit equal to:
(1) the tax credit to which the pass through entity would be
entitled under this chapter for the taxable year if the pass
through entity were a taxpayer; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, fiduciary, or member
is entitled. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-13 Carryover; no carryback or refund of unused credit
Sec. 13. (a) If the credit provided by this chapter exceeds the
taxpayer's state tax liability for the taxable year for which the credit
is first claimed, the excess may be carried forward to succeeding
taxable years and used as a credit against the taxpayer's state tax
liability during those taxable years. Each time that the credit is
carried forward to a succeeding taxable year, the credit is to be
reduced by the amount that was used as a credit during the
immediately preceding taxable year. The credit provided by this
chapter may be carried forward and applied to succeeding taxable
years for not more than nine (9) taxable years following the first year
the credit is claimed.
(b) A taxpayer is not entitled to any carryback or refund of any
unused credit. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-14 Claiming credit
Sec. 14. To qualify for a tax credit under this chapter, a taxpayer
must claim the tax credit on the taxpayer's annual state tax return or
returns in the manner prescribed by the department. The taxpayer
shall maintain the records required by the department for the period
specified by the department to substantiate the taxpayer's eligibility
for the credit. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-1 Application of chapter
Sec. 1. This chapter applies to taxable years beginning after
December 31, 2009. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-2 "Department"
Sec. 2. As used in this chapter, "department" refers to:
(1) the department of state revenue; or
(2) the department of insurance;
whichever agency is obligated to administer the tax against which a
credit is applied. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-3 "IEDC"
Sec. 3. As used in the chapter, "IEDC" refers to the Indiana
economic development corporation. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-4 "New Indiana business"
Sec. 4. As used in this chapter, "new Indiana business" means a
corporation or pass through entity that after December 31, 2009:
(1) either:
(A) locates or relocates the operations of a business
enterprise in Indiana;
(B) incorporates or otherwise first organizes in Indiana; or
(C) expands the entity's operation of a business enterprise in
Indiana;
(2) employs at least ten (10) qualified employees;
(3) makes an application to the IEDC under this chapter; and
(4) is issued a certificate of approval by the IEDC under this
chapter. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-5 "Qualified employee"
Sec. 5. As used in this chapter, "qualified employee" means an
individual who is:
(1) a full-time employee (as defined in IC 6-3.1-13-4) first hired
by a new Indiana business during the period specified in section
10(b) of this chapter;
(2) a resident of Indiana; and
(3) not more than a five percent (5%) shareholder, partner,
member, or owner of the applicant;
as determined by the IEDC. The term does not include rehired
individuals, individuals employed to fill positions vacated as the
result of a layoff that occurred during the previous two (2) years, or
individuals employed in the same business operation before and after
a change of business ownership. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-6 "State tax liability"
Sec. 6. As used in this chapter, "state tax liability" means a
taxpayer's total tax liability that is incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(2) IC 27-1-18-2 (the insurance premiums tax); and
(3) IC 6-5.5 (the financial institutions tax);
as computed before the application of any other credit against state
tax liability to which the taxpayer is entitled, including any credit
described in IC 6-3.1-1-2. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-7 "Tax credit"
Sec. 7. As used in this chapter, "tax credit" refers to a tax credit
granted by this chapter before the application of any other tax credits
to which a new Indiana business might be eligible. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-8 "Taxpayer"
Sec. 8. As used in this chapter, "taxpayer" means a person,
corporation, partnership, or other entity that has any state tax
liability. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-9 Application for credit; qualifications; certificate of approval
Sec. 9. (a) Before January 1, 2013, a corporation or pass through
entity that desires to qualify for the credit provided by this chapter
may submit an application to the IEDC in the form and manner
specified by the IEDC.
(b) The IEDC shall promptly review all applications submitted to
the IEDC under this chapter.
(c) If the IEDC determines that an applicant for the tax credit
provided by this chapter has furnished reliable evidence, as
determined by the IEDC, that the applicant is reasonably capable of:
(1) employing at least ten (10) qualified employees in each
month of the period specified in section 10(b) of this chapter
during the taxable year; and
(2) meeting the requirements for the tax credit provided by this
chapter;
the IEDC may issue the applicant a certificate of approval. If a
certificate of approval is issued, the IEDC shall provide a copy of the
certificate to the department.
(d) In making a determination of whether an applicant is qualified
for a credit under this chapter, the IEDC may consider the following:
(1) The applicant's employment levels in previous years to
determine if the applicant is hiring new individuals or rehiring
individuals.
(2) Whether the applicant is the successor to part or all of the
assets or business operations of another corporation or pass
through entity that conducted business operations in Indiana in
the same line of business to determine if the applicant is a new
Indiana business under this chapter.
(e) If the IEDC determines that the applicant will not employ at
least ten (10) qualified employees in each month of the period
specified in section 10(b) of this chapter during the taxable year, is
not a new Indiana business, or does not meet, or is unlikely to meet,
any other requirements for the tax credit provided by this chapter, the
IEDC shall notify the applicant of the IEDC's determination.
(f) The IEDC may not issue a certificate of approval under this
chapter after December 31, 2012. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-10 Credit entitlement; credit period
Sec. 10. (a) Each taxable year, a new Indiana business is entitled
to a tax credit against the new Indiana business's state tax liability for
the taxable year in the amount specified by section 11 of this chapter.
(b) The tax credit provided by subsection (a) is based on a period
not exceeding twenty-four (24) consecutive calendar months during
which the new Indiana business meets the conditions of this chapter.
The period begins on the first day of the month following the month
in which the new Indiana business is approved by the IEDC under
this chapter. The period ends on the final day of:
(1) the twenty-fourth consecutive calendar month that the new
Indiana business complies with the conditions of this chapter;
or
(2) the month in which the new Indiana business ceases to
comply with the conditions of this chapter;
whichever month occurs first. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-11 Credit amount
Sec. 11. For each taxable year, the amount of the tax credit under
this chapter is equal to ten percent (10%) of the wages paid by the
new Indiana business to qualified employees during the calendar
months of the period specified in section 10(b) of this chapter that
are included in the taxable year. As added by P.L.110-2010, SEC.16. IC 6-3.1-33-12 Use of pass through entity credit
Sec. 12. If a pass through entity does not have state tax liability
against which a tax credit may be applied, a shareholder, partner,
fiduciary, or member of the pass through entity is entitled to a tax
credit equal to:
(1) the tax credit to which the pass through entity would be
entitled under this chapter for the taxable year if the pass
through entity were a taxpayer; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, fiduciary, or member
is entitled. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-13 Carryover; no carryback or refund of unused credit
Sec. 13. (a) If the credit provided by this chapter exceeds the
taxpayer's state tax liability for the taxable year for which the credit
is first claimed, the excess may be carried forward to succeeding
taxable years and used as a credit against the taxpayer's state tax
liability during those taxable years. Each time that the credit is
carried forward to a succeeding taxable year, the credit is to be
reduced by the amount that was used as a credit during the
immediately preceding taxable year. The credit provided by this
chapter may be carried forward and applied to succeeding taxable
years for not more than nine (9) taxable years following the first year
the credit is claimed.
(b) A taxpayer is not entitled to any carryback or refund of any
unused credit. As added by P.L.110-2010, SEC.16.
IC 6-3.1-33-14 Claiming credit
Sec. 14. To qualify for a tax credit under this chapter, a taxpayer
must claim the tax credit on the taxpayer's annual state tax return or
returns in the manner prescribed by the department. The taxpayer
shall maintain the records required by the department for the period
specified by the department to substantiate the taxpayer's eligibility
for the credit. As added by P.L.110-2010, SEC.16.
